Ripple is set to transform the cross-border payments system worldwide, as explained by Pegah Soltani, Head of Payment Products at Ripple. In a video posted by user Xaif (@Xaif_03) on X, Soltani explains how Ripple plans to solve the problems of existing payment systems and revolutionize international finance by 2030.
Meeting the challenges of cross-border payments
Soltani added that the volume of cross-border flows is estimated to reach $300 trillion by 2030. However, the traditional payment system is still characterized by high costs, a long transaction processing cycle, and a high error rate. Ripple, a company focused on creating blockchain-based solutions that can be faster, cheaper, and more transparent than current international payment methods, addresses these concerns.
It has set up an efficient system in which assets such as XRP act as a bridge currency, reducing cross-border transaction time. For example, when a UK-based company wants to send money to another company in the Philippines, Ripple’s technology guarantees that the money will be converted into Philippine pesos in real time. Mr. Soltani spoke of the reliability and efficiency of the process, saying that Ripple’s global partner base confirms this.
XRP’s role in connecting underserved markets worldwide
New capabilities, such as the global payment network, enable Ripple to exploit opportunities in many markets and currencies not offered by existing players. Any business can start implementing Ripple’s payment products in less than three weeks, with new settlements taking place in seconds instead of days. This speed and scalability set Ripple apart from the competition in cross-border payments.
The integration of Ripple’s products makes XRP one of the most popular cryptocurrencies in the cross-border payments market. The World Bank has recognized XRP’s effectiveness in cross-border settlements. Today, Ripple has vast opportunities for growth as it covers more territories, and its technology will be essential to cope with the increase in flows estimated at $300 trillion by the end of the decade.
Projected value of XRP in a transforming financial ecosystem
According to Xaif, if XRP were tasked with managing the projected annual flow of $300 trillion, its value could skyrocket. At present, the outstanding supply is 52 billion XRP; market capitalization could therefore reach $5,769.23 per XRP. This projection gives us hope that the Ripple platform will revolutionize the financial sector.
Numerous reports indicate that XRP has the potential to act as a global reserve asset, and a number of financial gurus have set their target at around $10,000 for each token. While such predictions are well-founded, they do give an idea of the excitement surrounding Ripple’s revolutionary developments and its effectiveness in transforming cross-border payment systems.
At a time when the current global financial system is continually confronted with numerous inefficiencies, Ripple’s strategy for addressing them is now a new industry trend. Its growing adoption testifies to its influence on international payments and, consequently, to the value of the digital asset, which is in line with the idea of reshaping cross-border payment systems.